Sofaz Plans Fivefold Growth in Assets by 2024, Respublika Says

The State Oil Fund of Azerbaijan, also known as Sofaz, expects its assets will grow to $176 billion by 2024 from the current $32.4 billion, Respublika reported yesterday, citing Sofaz President Shahmar Movsumov.

Sofaz’s assets accounted for 75 percent of the country’s strategic monetary reserves of $43.2 billion as of March 31, Movsumov said, according to the state-run daily newspaper.

Sofaz has received $70.8 billion since it was established in 1999 to manage state income from oil and gas sales, Respublika said. Of the total, it has kept $32.4 billion, while $34.35 billion has been transferred to the state budget, the newspaper reported.

The fund has also allocated $1.15 billion to build houses for refugees from the war with neighboring Armenia over the disputed region of Nagorno-Karabakh, Movsumov said.

To contact the reporter on this story: Zulfugar Agayev in Baku at

To contact the editor responsible for this story: Hellmuth Tromm at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.